The new SUPER RICH in America

Dueller · 08:10 AM

I was watching a documentary on the new super rich in America. Some interesting stats (as accurate as I can recall)...

In 1985 the were only 13 billionaires in the U.S.
In 2007 over 1,000 billionaires

Average 2007 salary of the top 1% of doctors (neurosurgeons) $2.7 Million/year
Average 2007 salary of top 1% of hedge fund managers $887 million/year

Most of the super rich (net worth of $100 million or more) come from modest middle class backgrounds. Most still wortk 10-15 hour days 70-90 hours/week. New wealth being created in financial sectors as opposed in the professions prior to 1980's.

In 2007 125,000 U.S. households have a net worth of between $25-50 million
In 2007 14,000 U.S. households have net worth of $50-500 million

1% of U.S. Households control 90% of the nations wealth

I was somewhat suprised at the sheer number of people becoming superwealthy. But then again in a mation of 300+ million I guess it is a pretty small number,

cstreit · cstreit's Garage

"...and the rich get richer!"

cgarr · cgarr's Garage

My goal is to make my Boss super rich so I can be just rich!

Christien · Christien's Garage

I'd be curious to see how those numbers stack up against economic inflation and population growth, but I'm too lazy to look it up

The "1% of the US households (or 5% of the population) controlling 90% of the wealth" figure has been around for decades, so that doesn't surprise me. If it had shrunk to, say, 0.01%, then that would be different.

kstar · 08-26-2008, 08:44 AM

IMHO, I think 1000 billionaires is an overstatement. I did see that stat once in a Google search from a questionable (IMO) source, but I think the actual number is significantly less.

Forbes listed about 482 billionaires in the US last year, FWIW.

Moses · 08-26-2008, 08:50 AM

I'm pretty sure I'm in the top 10% of earners in my field but I could never even sniff neurosurgery $$$. Crazy.

island911 · 08-26-2008, 08:54 AM

Only Obama can solve this problem of too many rich ...and make them leave this country.

Dueller · 08-26-2008, 08:55 AM

In the documentary I was also impressed by their attitude towards what to do with their wealth vis-a-vis their children. Since most were self made they were in a quandry on how to instill ambition and drive in their kids. Most planned to leave substantial amounts to charities/philantrophies.

Dueller · 08-26-2008, 08:58 AM

Quote:

Originally Posted by island911

Only Obama can solve this problem of too many rich ...and make them leave this country.

Doubt it . They almost universally felt that after a cer4tain amount accumulating wealth was a matter of keeping score. Maybe they'll take pride in how much more they pay in taxes relative to their peers as a means of keeping score

onewhippedpuppy · 08-26-2008, 08:59 AM

How long until this is spun into a BAD thing? These people are the new enemy, right? Because we all DESERVE a piece of their pie, even if they've worked their ass off to get there.

kstar · 08-26-2008, 09:11 AM

Quote:

Originally Posted by onewhippedpuppy

How long until this is spun into a BAD thing? These people are the new enemy, right? Because we all DESERVE a piece of their pie, even if they've worked their ass off to get there.

Spun into a bad thing? It is absolutely a bad thing!

These people are making too much money, more than they need or can responsibly decide what to do with.

This is why we have governments.

onewhippedpuppy · 08-26-2008, 09:44 AM

Kurt, you forgot the green text. I hope.

kstar · 08-26-2008, 09:53 AM

Quote:

Originally Posted by onewhippedpuppy

Kurt, you forgot the green text. I hope.

Greens text is too obvious and robs a post of its ambiguity.

It is like announcing "I am going to be sarcastic with the following statement" before talking.

Best,

einreb · 08-26-2008, 10:06 AM

Quote:

Originally Posted by Moses

I could never even sniff neurosurgery $$$. Crazy.

Do you think they deserve it?

I have friends that are regular doctors. Good guys. Smart. Hard working. They earn 'good' money.

My brother in law is in year 3 of his 7 or 8 year residency for neurosurgery. The hours he puts in are ungodly. He is a genius and a nice guy to boot. I have no qualms with him earning 7 figures.

onewhippedpuppy · 08-26-2008, 10:11 AM

What's the average education for a neurosurgeon? 12 years counting residency and their bachelor's degree? How much do they pay for school, on average? $250k? For someone to spend that much time, money, and hard work just to START their career, you're damn right they deserve that money. You'll never hear me knock doctor's salaries, I think they earn every dime. Considering the training, schooling, sacrifice, hard work, and responsibility involved, there's some that are probably underpaid.

fingpilot · 08-26-2008, 10:16 AM

One of the last guys I flew for spent one day a week with an attorney-financial advisor on where to put his $90 mil a month.

He's not listed anywhere on any Forbes list.

onewhippedpuppy · 08-26-2008, 10:20 AM

That brings to mind a good question. What if you don't want Forbes to know what you're worth? Where do they get their information? It seems that there's probably a good number of individuals who "hide" their money. I know if I had billions (yeah right), I wouldn't want it to be public knowledge.

kstar · 08-26-2008, 10:21 AM

Quote:

Originally Posted by fingpilot

One of the last guys I flew for spent one day a week with an attorney-financial advisor on where to put his $90 mil a month.

He's not listed anywhere on any Forbes list.

I certainly agree there are many folks who try very hard and are successful at staying under the radar of publications like Forbes and noteriaty in general.

I would also argue that I do not think it is reasonably possible that hundreds of billionaires here in the USA have also escaped detection.

cashflyer · 08-26-2008, 10:21 AM

Neurosurgeons are making windfall profits that must be redistributed to the populace.

kstar · 08-26-2008, 10:23 AM

Quote:

Originally Posted by onewhippedpuppy

That brings to mind a good question. What if you don't want Forbes to know what you're worth? Where do they get their information? It seems that there's probably a good number of individuals who "hide" their money. I know if I had billions (yeah right), I wouldn't want it to be public knowledge.

Hundreds of millions and billions of dollars, legally earned, typically leave trails somewhere in sight.